公司点评报告 · 轻工行业 短暂承压,看好未来经营修复 2024年10月 30日 核心观点 | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

轻工制造/文娱用品 公 司 研 究 晨光股份（603899.SH） 2024 年 10 月 31 日 2024Q3 业绩承压，期待经营边际改善 ——公司信息更新报告 | --- | --- | --- | --- | --- | |-------------------------------|-------------|--------------------------------------------------------------|----------------------------------------------------------------------------------|-------------------------------------------------------------------| | 投资评级：买入（维持） \n日期 | 2024/10/30 | 吕明（分析师） \nlvming@kysec.cn 证书编号： S0790520030002 | 骆扬（联系人） \nluoyang@kysec.cn 证书编号： S0790122120029 | 蒋奕 ...

来源：公司年报、国金证券研究所 晨光股份 (603899.SH) 买入(维持评级) 公司点评 证券研究报告 业绩简评 10 月 29 日公司发布三季度报告，24Q1-3 实现营收 171.1 亿元， 同比+7.9%，归母净利润 10.2 亿元，同比-6.6%。Q3 实现营收 60.6 亿元，同比+2.78%，归母净利润 3.9 亿元，同比-20.6%。 经营分析 传统核心：消费信心偏弱、终端动销表现疲软，晨光科技表现靓 丽。传统核心业务 24Q3 营收 26.4 亿元（-1.9%），书写/学生/办 公文具营收 8.8/11.9/7.1 亿元(同比+2.5%/-8.4%/+1.9%)，尽管 终端需求偏弱导致大学汛表现一般，但公司仍积极进行产品开发 减量提质，提高单款上柜率和销售贡献，以爆款思路开发产品， 优化产品结构，提高必备品上柜率，扶持渠道提升终端动销。晨 光科技延续快速成长，Q3 营收 4 亿元（+38.9%）。毛利率角度，Q3 书写/学生/办公/其他产品毛利率为 40.9%/30.8%/27.1%/42.9%， 同比变动+0.3/-2.7/+6.2/-2.1pct，学生文具毛利率波动预计主 要受产品结构 ...

Revenue and Profit Performance - Revenue for the third quarter was RMB 6,063,026,603.40, an increase of 2.78% year-over-year[2] - Net profit attributable to shareholders of the listed company was RMB 388,686,953.50, a decrease of 20.62% year-over-year[2] - Operating revenue for the first three quarters of 2024 reached 17,114,323,316.09 RMB, compared to 15,859,763,277.88 RMB in the same period last year[14] - Net profit for the first three quarters of 2024 was 1,067,603,294.04 RMB, down from 1,167,900,105.32 RMB in the same period last year[16] - Net profit attributable to parent company shareholders: 1,021,621,356.31 RMB, a decrease of 6.63% compared to 1,094,151,090.01 RMB in the same period last year[17] - Comprehensive income total: 1,062,613,052.61 RMB, a decrease of 8.55% compared to 1,161,921,219.56 RMB in the same period last year[17] - Basic earnings per share: 1.1058 RMB, a decrease of 6.52% compared to 1.1829 RMB in the same period last year[17] Asset and Liability Changes - Total assets as of the end of the reporting period were RMB 15,458,118,018.92, an increase of 0.94% compared to the end of the previous year[3] - Equity attributable to shareholders of the listed company was RMB 8,602,349,963.08, an increase of 9.82% compared to the end of the previous year[3] - Total assets increased to 15,458,118,018.92 RMB, up from 15,313,962,312.00 RMB in the previous period[13] - Total liabilities decreased to 6,347,139,754.63 RMB, down from 6,962,797,515.62 RMB in the previous period[14] - Total equity attributable to owners of the parent company increased to 8,602,349,963.08 RMB, up from 7,833,178,803.52 RMB in the previous period[14] - Short-term borrowings increased to 279,985,947.22 RMB, up from 190,174,166.67 RMB in the previous period[13] - Contract liabilities increased to 123,933,605.24 RMB, up from 106,038,218.29 RMB in the previous period[13] Government Subsidies and Other Income - Government subsidies received during the reporting period amounted to RMB 31,807,362.83[4] - Other income increased by 69.76% to RMB 123,291,683.75 due to increased government subsidies related to business activities[5] Financial Assets and Investments - The company's financial assets increased by 60.82% to RMB 2,255,519,981.23 due to increased purchases of bank wealth management products[5] - Investment activities resulted in a net cash outflow of RMB 1,039,517,521.72, primarily due to increased purchases of bank wealth management products[6] - Net cash flow from investing activities: -1,039,517,521.72 RMB, a significant decrease compared to -153,914,452.67 RMB in the same period last year[19] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 32,479[7] - Chenguang Holdings (Group) Co., Ltd. holds 536,000,000 shares, accounting for 58.02% of the total shares[7] - Hong Kong Securities Clearing Company Limited holds 37,391,632 shares, accounting for 4.05% of the total shares[7] Revenue by Product Category - The revenue from writing tools is 2,022,211,388.66 yuan, with a year-on-year increase of 8.83%[9] - The revenue from student stationery is 2,757,372,074.73 yuan, with a year-on-year increase of 0.50%[9] - The revenue from office supplies is 2,468,505,746.77 yuan, with a year-on-year increase of 4.50%[9] - The revenue from other products is 667,422,963.27 yuan, with a year-on-year increase of 19.41%[9] - The revenue from office direct sales is 9,157,544,588.56 yuan, with a year-on-year increase of 10.07%[9] - Chenguang Kelipu achieved a revenue of 9,157,544,588.56 yuan, a year-on-year increase of 10.07%[10] - Chenguang Technology achieved a revenue of 881,910,100 yuan, a year-on-year increase of 34.19%[10] Operating Costs and Expenses - Operating costs for the first three quarters of 2024 were 15,922,480,113.44 RMB, up from 14,569,961,760.08 RMB in the same period last year[16] - Sales expenses increased to 1,290,115,358.13 RMB, up from 1,125,301,635.11 RMB in the same period last year[16] - R&D expenses decreased slightly to 142,230,694.31 RMB, down from 144,466,329.35 RMB in the same period last year[16] Cash Flow and Financial Position - Cash received from sales of goods and services: 18,633,385,704.92 RMB, an increase of 8.85% compared to 17,119,031,852.81 RMB in the same period last year[18] - Net cash flow from operating activities: 1,420,728,379.34 RMB, an increase of 5.46% compared to 1,347,145,103.12 RMB in the same period last year[18] - Net cash flow from financing activities: -550,658,858.00 RMB, an improvement compared to -688,955,400.81 RMB in the same period last year[19] - Cash and cash equivalents at the end of the period: 3,538,386,387.66 RMB, a decrease of 4.58% compared to 3,708,085,136.83 RMB at the beginning of the period[19] Capital and Equity Changes - Capital reserve increased by 126.69% to RMB 845,749,114.56 due to changes in the equity ratio of Morning Glory Kelep[5] - Short-term borrowings increased by 47.23% to RMB 279,985,947.22 due to increased borrowing by Anshuo Stationery[5]

证 券 研 究 报 告 晨光股份（603899）2024 年中报点评 强推（维持） 收入平稳增长，激励落地提振经营信心 目标价：37.9 元 当前价：25.28 元 事项： ❖ 公司发布 2024 年中报。上半年，公司实现营收/归母净利润/扣非归母净利润 110.5/6.3/5.7 亿元，同比+10.9%/4.7%/+4.5%。单二季度，公司实现营收/归母净 利润/扣非归母净利润 55.7/2.5/2.4 亿元，同比+9.6%/-6.6%/-3.3%。 评论： ❖ 传统业务稳健增长，线上延续高增态势。24H1，传统核心业务实现营收约 42.0 亿元/yoy+8.7%，其中 $$\circ 2$$ 实现营收 20.4 亿元/+5.7%。分产品看，24Q2 书写工 具/学生文具/传统办公分别实现收入 5.7/7.1/8.6 亿元/yoy+13.0%/-0.3%/+4.7%。 公司以爆品思路开发产品，配合全渠道布局，聚焦线下单店质量提升和有效单 品上柜，线上渠道则进一步推进拼多多、抖音、快手等新渠道业务，24H1 晨 光科技实现营业收入 4.83 亿元，同比增长 28%。此外，公司还快速推进海外 市场发展，因地制宜 ...

Investment Rating - The report maintains a "Buy" rating for Chenguang Stationery (603899 SH) with a target price of 36 95 yuan per share [4] Core Views - Chenguang Stationery reported H1 2024 revenue of 11 051 billion yuan, up 10 95% YoY, and net profit attributable to shareholders of 633 million yuan, up 4 71% YoY [2] - Q2 2024 revenue was 5 566 billion yuan, up 9 58% YoY, but net profit attributable to shareholders declined by 6 59% YoY to 253 million yuan [2] - Traditional business remained stable, while new businesses showed strong growth [2] - Chenguang Technology revenue in Q2 2024 was 240 million yuan, up 28% YoY, driven by accelerated e-commerce investments and cross-platform expansion [2] - Kelipu revenue in Q2 2024 was 3 17 billion yuan, up 11% YoY, supported by diversified development in office supplies, MRO industrial products, marketing gifts, and employee benefits [2] - Retail stores revenue in Q2 2024 was 360 million yuan, up 19% YoY, with improved store efficiency and digital member engagement [2] - Gross margin in Q2 2024 was 18 7%, down 0 7 percentage points YoY, mainly due to product mix changes [2] - Net profit margin in Q2 2024 decreased by 0 96 percentage points YoY to 4 76%, impacted by business structure changes and employee stock incentive costs [2] Financial Forecasts - Revenue is expected to grow from 26 204 billion yuan in 2024E to 33 499 billion yuan in 2026E, with a CAGR of 12 2%-12 9% [3] - Net profit attributable to shareholders is projected to increase from 1 707 billion yuan in 2024E to 2 199 billion yuan in 2026E, with a CAGR of 11 7%-15 3% [3] - EPS is forecasted to rise from 1 85 yuan in 2024E to 2 38 yuan in 2026E [3] - P/E ratio is expected to decline from 14 36x in 2024E to 11 15x in 2026E, reflecting improved valuation [3] Business Performance - Traditional business maintained steady growth, with a focus on core product categories and improved product quality [2] - Chenguang Technology and retail stores are in the investment phase, contributing to revenue growth but impacting profitability [2] - Kelipu continues to expand its customer base despite changes in the office procurement environment [2] Valuation and Recommendations - The report values Chenguang Stationery at 20x PE for 2024, with a target price of 36 95 yuan per share, based on comparable company analysis [2][4]

%% %% 丨证券研究报告丨 公司研究丨点评报告丨晨光股份（603899.SH） [Table_Title] 晨光股份 2024H1 点评： 收入稳步增长，传统核心业务净利率提升 | --- | --- | |-------|-------| | | | | | | 分析师及联系人 [Table_Author] 蔡方羿 仲敏丽 SAC：S0490516060001 SAC：S0490522050001 SFC：BUV463 请阅读最后评级说明和重要声明 | --- | --- | |------------------------------------------------|-------| | | | | 晨光股份（ 603899.SH ） | | | [Table_Title 晨光股份 2024H1 2] 点评： | | | 收入稳步增长，传统核心业务净利率提升 | | 资料来源：Wind 相关研究 [Table_Summary2] 事件描述 公司 2024H1 实现营收/归母净利/扣非净利 110.51/6.33/5.67 亿元，同增 11%/5%/5%；2024Q2 实现营收/归母净利/扣非净利 ...

证券研究报告 | 2024年09月02日 晨光股份（603899.SH） 优于大市 2024 年半年报点评： 传统主业稳健，新业务持续开拓，科力普股份支付影响盈利 收入双位数增长，利润受科力普股权激励费用影响。公司发布 2024 年半年 报，2024H1 实现收入 110.5 亿/+10.9%，归母净利润 6.3 亿/+4.7%，扣非归 母净利润 5.7 亿/+4.5%；其中 2024Q2 收入 55.7 亿/+9.6%，归母净利润 2.5 亿/-6.6%，扣非归母净利润 2.4 亿/-3.3%。公司稳步推进战略落地，核心主 业稳定发展，科力普与九木杂物社持续开拓；盈利稳健，若剔除科力普股权 激励相关股份支付费用影响，2024H1 归母利润同比+12.4%。 传统业务稳健，快速推进海外布局。2024H1 传统主业收入 42.0 亿/+8.7%， 其中 Q2 收入 20.4 亿/+5.7%，公司持续优化零售运营体系，聚焦提单店质量， 实现线下新渠道、线上与直供多触点布局，H1/Q2 线上晨光科技分别同比 +28.0%/28.3%。分产品看，2024Q2 书写工具、学生文具与办公文具分别实现 收入 5.7/7.1 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 31 年 月 日 晨光股份（603899.SH） 传统核心逆势稳健增长，科力普经营平稳，九木增长靓丽 公司发布 2024 年半年报：24H1 公司实现收入 110.5 亿元（同比+11.0%），归母 净利润 6.3 亿元（同比+4.7%）；单 Q2 收入实现收入 55.7 亿元（同比+9.6%）， 归母净利润 2.5 亿元（同比-6.6%），剔除科力普 Q2 计提的股权激励支付费用 0.47 亿元，归母净利润同比+10.6%，基本符合预期，消费承压环境下逆势稳健增长， 竞争优势凸显。 传统核心稳健增长，渠道升级逐步推进。根据我们测算，公司 24H1 传统核心业务 （总收入-生活馆-科力普）实现收入约 42 亿元（同比+9%），净利率 13%左右（同 比+1pct）；单 Q2 传统核心收入 20 亿元（同比+6%），净利率 11%+（（同比+1pct+）。 分品类来看，24Q2 书写工具/学生文具/传统办公分别实现收入 5.73/7.14/8.56 亿 元（同比+13.0%/-0.3%/+4.7%），毛利率分别为 42.3%/36.3%/2 ...

2024 年 08 月 31 日 晨光股份 (603899) ——2024 年中报点评：收入端增长表现稳健，剔除股权 激励支付影响，利润基本符合预期 市场数据： 2024 年 08 月 30 日 收盘价（元） 26.79 一年内最高/最低（元） 40.99/25.23 市净率 3.0 息率（分红/股价） 2.99 流通 A 股市值（百万元） 24,749 上证指数/深证成指 2,842.21/8,348.48 注："息率"以最近一年已公布分红计算 一年内股价与大盘对比走势： 08-3009-3010-3111-3012-3101-3102-2903-3104-3005-3106-3007-31 -30% -20% -10% 0% 10% 晨光股份 沪深300指数 (收益率) 相关研究 《晨光股份（603899）深度： 一体两翼稳 增长，零售转型深化树壁垒 》2024/06/30 《晨光股份（603899）点评：2024 年一季 报点评：利润表现符合预期，收入阶段性承 压，期待后续向上修复》 2024/04/28 证券分析师 屠亦婷 A0230512080003 tuyt@swsresearch.com 黄莎 ...